QB Issue Resolution:
These type of costs are not typically Expense but Asset Improvement.
“I called back QBO and the advisor said there is no way to reimburse other than re-entering all the expenses under each person’s name as a bill.”
You should Never Call that person again, then. Sheesh.
“The other option is to delete the entries and keep track on an Excel worksheet.”
You don’t Make entries just to later Delete entries.
“The owners want to see those expenses in QBO to show how much they spent in leasehold improvements.
Those expenses go back to last July and taxes have been filed.”
“Also QBO doesn’t have an option to convert an expense to a bill or via a journal entry.”
If you made “expense entries” as if this is Cardless Credit Card accounts, you already see the Liability balance. Just the same as owing to VISA or to Amex.
You pay down Debt, by entering the Check expense as paying against that Debt account. Car Loan, VISA card, or “Jane Smith Lender” as Credit Card Account, is all you need to do. Payee = the person getting the funds. Expense reason = that Liability account you are tracking, to show you are paying it down.
“I have all the receipts but have not reimbursed yet because the company cannot yet.
At the time I called QBO for support on how to post all these expenses to keep track of who we owe the expenses to. At least 2 advisors suggested that I enter the expense as an expenses and rather than credit the bank as I was not refunding it immediately, to create a Paid by ( so and so) account under credit cards.”
Yes, use that to show it is the Expense Reason that funds are leaving checking.
Resolution for Issue 'Reimbursing expenses to a third party.' available: Yes (Solved).
Source: Intuit Community forum.
Reimbursing expenses to a third party.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for credit card account
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